National Condominium Act of 1985

Summary

National Condominium Act of 1985 - Provides for the designation of an Assistant Secretary for Condominiums within the Department of Housing and Urban Development to assist in the planning, development, construction, and operation of condominiums or the purchase of condominium units. Prohibits the Secretary of Housing and Urban Development from making any housing loan to a developer of a condominium project unless the developer discloses information assuring compliance with specified standards governing the sale and conversion of condominiums. Allows any purchaser of a federally-assisted condominium at least 30 days after signing a purchase agreement to cancel such agreement. Directs the Secretary to assist State and local governments to establish standards to protect purchasers of condominiums and residents of structures being converted to condominiums. Authorizes the Secretary to make grants to such governments for the establishment of offices to enforce such standards. Authorizes appropriations. Establishes penalties for violations of this Act.

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1 official file

• Introduced in House

  summary · EN · 3 January 1985

  Open at official source

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